US Dec manufacturing PMI hits 21-month high

According to data from Markit IHS, US manufacturing PMI posted a strong growth at the end of the year and hit a 21-month high in December. The Markit US Manufacturing PMI was at 54.3 in December, following a reading of 54.1 in November, meaning that business conditions posted the strongest improvement for almost two years.

The rise was attributed to the increasing rate of employment and inventory building in December, which counterbalanced the weaker rises in output and new orders.

The data also showed that the improvement in economic conditions and customers’ willingness to spend had a big influence on the recent increase in new work.

Meanwhile, the growth in new orders reached its strongest of almost two years although it partially decreased from November.